4IR, AfCFTA to 'reshape' South African business, says Patel
South Africa’s steel industry will need a Steel 4.0 plan to adequately harness and respond to the pressures presented by the Fourth Industrial Revolution (4IR), Trade and Industry Minister Ebrahim Patel said at the Metals and Engineering Indaba, in Sandton, on Friday.
He explained that the digital technologies of the 4IR – such as smart robotics, algorithms and drones – would “reshape” businesses, the South African economy and the steel industry alike.
“The future will be characterised by innovation and this wave will not leave any industry unaffected, and may mean the development of new materials, which will challenge traditional steel into becoming more flexible, stronger and thinner,” he said during his address at the Indaba.
South Africa will need to find new markets for its steel products through initiatives such as the African Continental Free Trade Agreement (AfCFTA).
The AfCFTA is expected to connect about 1.2-billion people into a single trade bloc and will position Africa as “the next growth frontier”, Patel averred.
Exports to other African countries already account for about 250 000 direct South African jobs, the Minister added.
“This is an enormous opportunity, but it will require hard work before the agreement comes into effect in July next year,” Patel stated.
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